Virginia Named Best State for Business - FOX 21/27 WFXR Roanoke/WWCW Lynchburg News, Weather

Virginia Named Best State for Business

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Governor Bob McDonnell today announced that Forbes.com has named Virginia America's best state for business.

The commonwealth reclaims the title after being awarded the No. 2 ranking from 2010-2012. Virginia finished in the top five in four of the study's six categories, the only state with such a strong across-the-board showing.

The Forbes.com ranking considers states' business costs (cost of labor, energy, and taxes), labor supply (educational attainment, net migration, and projected population growth), regulatory environment (regulatory and tort environment, incentives, and bond ratings), economic climate (job, income, and gross state product growth, as well as unemployment and corporate headquarter relocations), growth prospects (projected job, income, and gross state product growth, as well as announced business openings and closings), and quality of life (index of schools, health, crime, cost of living, and poverty rates).

Virginia placed first in regulatory environment; second in labor supply; fourth in quality of life; fifth in economic climate; 17th in growth prospects; and 22nd in business costs.

The full rankings can be found here.